Jimo Ibrahim, incoming senator representing Southern Ondo, expressed confidence that Nigeria could pay off its debts to other countries within 90 days if the Nigerian government was willing to use his wealth of knowledge.
The billionaire businessman said the country’s debt of 77 trillion Naira is nothing to worry about considering the current debt to gross domestic product ratio of less than 31 per cent.
PUNCH reports that the Debt Management Department has announced that Nigeria currently owes creditors about N77 trillion.
Jimo gave an insight during a speech on the channel TV Politics Today on Tuesday, citing borrowing policies implemented in Dubai that Nigeria is now wasting time without borrowing more money from its creditors. claimed.
“We can offer a strategy that can pay off Nigeria’s debt in full within 90 days,” he said. Current debt shouldn’t be a major problem or worry for President Bola Tinub. What is the ratio of debt to GDP in the country? Nigeria’s lending rate is currently around 31%, which means that around 70% of the credit facility can be borrowed further.
“Nigeria is wasting time without borrowing more money. Dubai owns $167 billion, has a population of 12 million and is home to 3 million indigenous people, who have borrowed $167 billion. They have developed a plan to upgrade their infrastructure and now in Dubai everything is going well and they are paying off their debts easily.”
Further speaking, a lawmaker who claims to have declared more than $100 billion in assets to the Code of Conduct Office will be granted $100 billion in loans from a consortium of five Export-Import banks with a 40-year repayment plan and a 10-year grace period. , explained that the country would be rebuilt. Forgive the debt, pointing out that current income issues will not affect repayment.
“All you have to do is call about five export-import banks, including China, and get a loan for about five times what you currently owe. Pay off what you have and get your surplus.If you have a 40 year repayment program ready and then a 10 year honorarium period you will be debt free.With these you can negotiate with your creditors You can get a 30 percent discount.
“If you get your house ready in that period, you will have the money to develop your economy. We will have a holistic and clear roadmap for the future,” he argued.
